CEFTA currently comprises Bulgaria and Romania, which will most probably join the European Union next year and thus leave CEFTA, and EU membership candidate countries Croatia and Macedonia.
According to a joint declaration adopted at the end of the Bucharest conference, Serbia-Montenegro, Bosnia-Herzegovina, Albania and Moldavia have the status of candidates for CEFTA membership.
Croatia's premier added that he was in favour of admitting Ukraine in the association as well.
The Bucharest declaration envisages that negotiations on the topic are to be launched by 31 May this year and should wrap up by 31 December this year when the simultaneous admission of new CEFTA members is expected to be agreed and agreement reached between all signatories to the Bucharest declaration on enlargement.
The declaration has been adopted and the time framework envisages the conclusion of negotiations by September. This is an important event as at this moment not all those countries have clear prospects of European Union membership, Sanader said.
Croatia will continue playing an active role in the region, the Croatian PM said explaining that it was in Croatia's interest as those are Croatia's neighbours.
It is in Croatia's interest to have permanent political stability in the southeast of Europe, he added.
Romania is the chair of CEFTA until the end of this year.
The Bucharest declaration also envisages a gradual increase in the liberalisation and cooperation between member countries.
In order to enable CEFTA's enlargement, the participants in the Bucharest meeting softened some criteria, and countries aspiring for CEFTA membership will no longer need to be members of the World Trade Organisation (WTO) or to have institutionalised relations with the European Union.
The multilateral agreement is to replace 31 individual bilateral agreements on free trade zone.